# FSMA Crypto Promotions Checker

> FCA crypto registration requirements and promotions: the four routes under section 21 FSMA, the article 73ZA exemption, and the COBS 4.12A rules that follow.

## Key facts

- Since 8 October 2023 a qualifying cryptoasset has been a controlled investment for financial promotion purposes, so promoting one to UK consumers engages section 21 of FSMA 2000.
- Contravening section 21(1) is a criminal offence: up to six months' imprisonment or a fine not exceeding the statutory maximum on summary conviction, and up to two years' imprisonment or a fine, or both, on indictment.
- The FCA states that the article 48 certified high net worth and article 50A self-certified sophisticated investor exemptions do not apply to cryptoasset promotions, and articles 51 and 61 were expressly disapplied.

## Key pages

- [FCA crypto registration requirements and the promotion rules](https://fsmacrypto.co.uk/): the main tool, answer above the fold.
- [Section 21 FSMA: the restriction, and the offence](https://fsmacrypto.co.uk/section-21-fsma/): Section 21 bans communicating an invitation or inducement to engage in investment activity in the course of business. Section 25 makes breach a criminal offence.
- [Direct offer crypto promotions: the four conditions](https://fsmacrypto.co.uk/direct-offer-financial-promotion/): Cooling off, personalised risk warning, client categorisation and appropriateness: the COBS 4.12A conditions that apply before a crypto direct offer promotion is shown.
- [FPO exemptions for cryptoassets: what still works](https://fsmacrypto.co.uk/fpo-exemptions-cryptoassets/): Article 73ZA covers MLR-registered crypto businesses. The high net worth and self-certified sophisticated exemptions do not reach crypto, and two more are disapplied.
- [FCA cryptoasset authorisation: apply by 28 February 2027](https://fsmacrypto.co.uk/fca-cryptoasset-authorisation-gateway/): The FCA's application period for the new cryptoasset regime runs from 30 September 2026 to 28 February 2027, and MLR registration does not carry over.
- [The four lawful routes for a UK cryptoasset financial promotion](https://fsmacrypto.co.uk/#data): original data table, updated 2026-08-15.
- [Full site content as markdown](https://fsmacrypto.co.uk/llms-full.txt)

## Data

- The four lawful routes for a UK cryptoasset financial promotion. Methodology: Mapped from section 21 of FSMA 2000, section 55NA and section 25; articles 2 and 73ZA and Schedule 1 paragraph 26F of the Financial Promotion Order 2005; the FCA's cryptoasset marketing guidance; and FCA Policy Statement PS23/6 paragraphs 1.15 to 1.18. Position as at the updated date above.
- Last updated: 2026-08-15. Every figure cites its source inline.
- Source: FSMA 2000, section 21, restrictions on financial promotion: https://www.legislation.gov.uk/ukpga/2000/8/section/21
- Source: FSMA 2000, section 25, contravention of section 21: https://www.legislation.gov.uk/ukpga/2000/8/section/25
- Source: FSMA 2000, section 55NA, general requirement relating to financial promotion approval: https://www.legislation.gov.uk/ukpga/2000/8/section/55NA
- Source: Financial Promotion Order 2005, article 73ZA, certain promotions of qualifying cryptoassets: https://www.legislation.gov.uk/uksi/2005/1529/article/73ZA
- Source: Financial Promotion Order 2005, Schedule 1 paragraph 26F, qualifying cryptoassets: https://www.legislation.gov.uk/uksi/2005/1529/schedule/1/paragraph/26F
- Source: Financial Promotion Order 2005, contents: https://www.legislation.gov.uk/uksi/2005/1529/contents
- Source: FCA Handbook, COBS 4.12A, promotion of restricted mass market investments: https://www.handbook.fca.org.uk/handbook/COBS/4/12A.html
- Source: FCA. Cryptoasset firms marketing to UK consumers: https://www.fca.org.uk/firms/cryptoassets/marketing-uk-consumers
- Source: FCA. PS23/6, financial promotion rules for cryptoassets: https://www.fca.org.uk/publication/policy/ps23-6.pdf
- Source: FSMA 2000 (Cryptoassets) Regulations 2026, regulation 1, citation and commencement: https://www.legislation.gov.uk/uksi/2026/102/regulation/1/made
- Source: FSMA 2000 (Cryptoassets) Regulations 2026, regulation 42, amendment of the Financial Promotion Order: https://www.legislation.gov.uk/uksi/2026/102/regulation/42/made
- Source: FCA. Cryptoassets: how the gateway will operate: https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/how-gateway-will-operate
- Source: FCA. What you need to do when preparing for the new cryptoasset regulatory regime: https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/what-you-need-to-do
- Source: FCA. FCA opens the gateway to regulated crypto (press release, 30 September 2026): https://www.fca.org.uk/news/press-releases/fca-opens-gateway-regulated-crypto

## Citation

Cite as: "The four lawful routes for a UK cryptoasset financial promotion", FSMA Crypto Promotions Checker, https://fsmacrypto.co.uk/ (updated 2026-08-15).

## About

- FSMA Crypto Promotions Checker is an information site. It is not affiliated with, authorised by or endorsed by the Financial Conduct Authority, HM Treasury or any government body, and nothing here is legal or regulatory advice. Breaching section 21 of FSMA 2000 is a criminal offence, and the position turns on facts a checker cannot see, take advice from a regulatory lawyer or compliance consultant before you communicate a promotion.
- Operated by fsmacrypto.co.uk. Contact: enquiries@fsmacrypto.co.uk